Loans for new homeowners

Loans Secured on your property

Getting a secured loan when you are a new homeowner can sometimes be difficult.

Why?

Dependant on the amount of deposit you originally paid you may not have enough equity in your property to place secured loan against it and benefit from the increased benefits associated with a secured loan.

Some lenders require you to have been a homeowner for a minimum of 6 months to allow you to adjust to your new financial commitment.

Your original mortgage lender will usually not give you a further secured advance for both of the reasons above.

What is meant by equity?

Consider this example

Your home is worth

You owe to your mortgage company

This means you have equity of
Being a new homeowner this might be the amount you put down as a deposit

£100,000

£90,000

£10,000

Your total borrowing you have against the property is 90% of the properties value.

Some lenders cannot complete loans for new homeowners as they have plans that limit the total borrowing amount against a property that can be borrowed as a percentage of the property value.

Dependent on your circumstance this can be anything between 50 and 95%! So the problem for new homeowners frequently is there is not enough equity to place a secured loan against the property without going over the allowed loan to value percentage.

But I still require a loan, do I have any options?

Yes you can let us help you find a loan. We have access to lenders that specialise in dealing in loans for new homeowners and will give you a loan even though you are a new homeowner with or without equity subject to other terms and conditions.

What do I do now then?

Click below on the “apply now” button, complete the short online application form and submit if to us. We will contact you shortly after then advise you of your decision in principle and what you would need to do complete your loan application.

To apply click here

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Low rates from 8.8680% APR. The overall cost for comparison is 15.5% APR typical-variable. Over 66% of our customers receive a lower APR than the typical rate shown. Our highest rate is 19.8% APR variable.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

Loans for new homeowners.

Loans Secured on your property